Midwest Radiology, P.A.

FINALIST

Susan Truman, M.D.
President and CEO

Location:

Roseville, Minnesota
Industry:

Health care
Plan(s) Offered:

401(k), with profit-sharing
Plan Assets:

$400M
Number of Participants:

561
DC Plan Participation Rate:

100%
DC Plan Average Deferral Rate:

14.3%
Automatic Enrollment:

Yes
Automatic Escalation:

Yes
Default Deferral Rate for Auto-Enrollment:

6%
Default Investment Fund:

Vanguard target-date funds
DC Plan Employer Contribution:

100% of 3% + 7% profit-sharing
Recordkeeper:

Principal Financial Group
Plan Adviser:

Blackbridge Financial
Financial Wellness Educator(s):

Principal Financial Group

Midwest Radiology has designed its 401(k) program to maximize participant wealth accumulation. The plan includes a 6% automatic-enrollment default deferral rate and automatic escalation to 15%. Besides the employer match, the company provides a 7% profit‑sharing contribution and immediate vesting. It also pays recordkeeping fees to further strengthen outcomes. Results show the effectiveness of the strategic plan design: Over half of participants save 10% of income or more, and the average account balance exceeds $600,000. The firm offers systematic withdrawals as a plan feature and an out-of-plan annuity bidding service.

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